Another great report... Top line a little light but with $259k net income I'll take it!
Amplitech Group Inc. Reports Update on 4Q 2016
BOHEMIA, NY -- (Marketwired) -- 01/10/17 -- Amplitech Group Inc. (OTCQB: AMPG), a leader in state-of-the-art RF Low Noise Amplifiers (LNA) and Power Amplifiers (PA) for the Domestic and International, SATCOM , Space, and Military markets, today announced an update to report results of 2016 fiscal year preceding a 10Q filing next month.
The Company reports fourth quarter revenue of $664,000 with a net income of 39%, or $259,000 . CEO Fawad Maqbool commented, "We are extremely pleased with the results in the last quarter of 2016 as well as our performance for the entire year. We were successful in increasing our YOY growth to 40% and our YOY net income has increased by 300%. The Company has shown that there is a demand for its technology and it has the ability to generate cash flow with its current product lines."
The Company is working on new products to expand its offering to cover the Defense and Aerospace markets as well as various commercial markets and thus increasing its revenues in 2017. AMPG has close to $1 million dollars of bookings currently and plans to expand its technical and marketing base to generate more revenue from new customers.
Mr. Maqbool also stated, "The Company has many goals and although we have been constantly improving, we may seek suitable funding for expanding product lines and resources as well as accretive inorganic growth. Although it is not necessary, it would help us to accelerate our growth and augment our shareholder base. We also feel that the new political environment will be beneficial for us since we are an approved supplier to many international Aerospace and Defense contractors as well as the US and other government organizations."
Key Highlights:
Record revenue and net profit of 39% for 4Q 2016
Record revenue and net profit for FY 2016. Net Income of 28% on revenue of $2.039 million
YOY revenue growth of 40%. YOY net income growth of 300%
New facility has increased efficiency and productivity
Sources of increased revenue generation in 2017:
Development of LNAs for Airline Wi-Fi systems
Strategic re-selling and cross-selling platforms with new parties
New nationwide distribution partner
Development of new high power amplifiers (HPA) targeted for commercial and military markets
Expanded marketing venues, i.e. increased surgical advertising, trade shows, and direct marketing
Pursuing a GSA government award to reach as many as 800 government agencies
Development of line of mainstream wireless consumer products
New orders with large OEMs like Boeing , Viasat and Cobham Defense Systems, among others
Development of new products other than amplifiers to increase product offerings and revenue
